Two growth stocks trading at value prices

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CALIAN TECHNOLOGIES $18.40 (Toronto symbol CTY; SI Rating: Speculative) (613-599-8600; www.calian.com; Shares outstanding: 7.7 million; Market cap: $141.7 million Dividend yield: 4.8%) operates in two areas: The business and technology services division accounts for 67% of Calian’s revenue and provides engineers, health-care workers and other skilled professionals to clients on a contract basis. The systems-engineering division contributes the remaining 33% of revenue and sells hardware and software that is used for testing, operating and managing satellite and other communication systems. In the three months ended September 30, 2010, Calian’s revenue fell 2.7%, to $52.9 million from $54.4 million a year earlier. Earnings fell 6.1%, to $3.2 million, or $0.42 a share, from $3.4 million, or $0.45 a share. Calian saw less demand for contract workers; that was the main reason for the lower results. Calian’s order backlog stands at $924 million. It holds cash of $29.1 million, or $3.78 a share, and has no debt. The company raised its quarterly dividend by…